Monthly Indicators 2017 The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking. New Listings were down 10.1 percent to 559. Pending Sales increased 4.0 percent to 444. Inventory shrank 7.2 percent to 2,338 units. Quick Facts - 1.9% + 5.4% - 7.2% One-Year Change in Closed Sales One-Year Change in Median Sales Price One-Year Change in Months Supply A research tool provided by the Hilton Head Association of REALTORS Percent changes are calculated using rounded figures. Prices moved higher as Median Sales Price was up 5.4 percent to $305,000. Days on Market held steady at 143. Months Supply of Inventory was down 10.0 percent to 6.3 months, indicating that demand increased relative to supply. Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand. Market Overview New Listings Pending Sales Closed Sales Days on Market Until Sale Median Sales Price Average Sales Price Percent of List Price Received Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory 2 3 4 5 6 7 8 9 10 11 12 Current as of May 10, 2017. Data is Copyright 2017 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS and South Carolina REALTORS. Report 2017 ShowingTime. 1
Market Overview Key market metrics for the current month and year-to-date figures. Key Metrics Historical Sparkbars 04-2016 04-2017 YTD 2016 YTD 2017 New Listings 622 559-10.1% 2,428 2,380-2.0% Pending Sales 427 444 + 4.0% 1,465 1,720 + 17.4% Closed Sales 368 361-1.9% 1,218 1,296 + 6.4% Days on Market 143 143 0.0% 147 155 + 5.4% Median Sales Price $289,500 $305,000 + 5.4% $289,745 $294,950 + 1.8% Average Sales Price $404,742 $392,387-3.1% $386,443 $376,961-2.5% Pct. of List Price Received 96.1% 96.4% + 0.3% 95.7% 95.9% + 0.2% Housing Affordability Index 87 78-10.3% 87 80-8.0% Inventory of Homes for Sale 2,519 2,338-7.2% -- -- -- Months Supply of Inventory 7.0 6.3-10.0% -- -- -- Current as of May 10, 2017. Data is Copyright 2017 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS and South Carolina REALTORS. Report 2017 ShowingTime. 2
New Listings A count of the properties that have been newly listed on the market in a given month. 622 574 559 2,428 2,380 2,215-5.7% + 8.4% - 10.1% + 15.8% + 9.6% -2.0% New Listings Prior Year May 2016 599 519 +15.4% June 2016 562 516 +8.9% July 2016 534 458 +16.6% August 2016 533 478 +11.5% September 2016 522 505 +3.4% October 2016 305 485-37.1% November 2016 388 393-1.3% December 2016 275 339-18.9% January 2017 532 555-4.1% February 2017 544 568-4.2% March 2017 745 683 +9.1% 2017 559 622-10.1% 12-Month Avg 508 510-0.4% Historical New Listings by Month 800 700 600 500 400 300 200 01-2014 01-2015 01-2016 01-2017 Current as of May 10, 2017. Data is Copyright 2017 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS and South Carolina REALTORS. Report 2017 ShowingTime. 3
Pending Sales A count of the properties on which offers have been accepted in a given month. 427 444 1,720 366 1,465 1,362 + 12.6% + 16.7% + 4.0% + 122.9% + 7.6% + 17.4% Pending Sales Prior Year May 2016 458 377 +21.5% June 2016 400 465-14.0% July 2016 357 443-19.4% August 2016 433 348 +24.4% September 2016 329 308 +6.8% October 2016 249 305-18.4% November 2016 295 324-9.0% December 2016 213 268-20.5% January 2017 367 286 +28.3% February 2017 391 346 +13.0% March 2017 518 406 +27.6% 2017 444 427 +4.0% 12-Month Avg 371 359 +3.5% Historical Pending Sales by Month 600 500 400 300 200 Current as of May 10, 2017. Data is Copyright 2017 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS and South Carolina REALTORS. Report 2017 ShowingTime. 4
Closed Sales A count of the actual sales that closed in a given month. 368 361 1,296 334 1,218 1,146 + 178.3% + 10.2% - 1.9% + 855.0% + 6.3% + 6.4% Closed Sales Prior Year May 2016 450 388 +16.0% June 2016 445 422 +5.5% July 2016 393 429-8.4% August 2016 405 377 +7.4% September 2016 436 356 +22.5% October 2016 248 330-24.8% November 2016 329 248 +32.7% December 2016 323 366-11.7% January 2017 243 284-14.4% February 2017 280 236 +18.6% March 2017 412 330 +24.8% 2017 361 368-1.9% 12-Month Avg 360 345 +4.6% Historical Closed Sales by Month 500 450 400 350 300 250 200 05-2014 05-2015 05-2016 Current as of May 10, 2017. Data is Copyright 2017 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS and South Carolina REALTORS. Report 2017 ShowingTime. 5
Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted in a given month. 156 158 155 143 143 147 Historical Days on Market Until Sale by Month + 13.0% - 8.3% 0.0% + 14.5% - 7.0% + 5.4% Days on Market Prior Year May 2016 136 152-10.5% June 2016 134 151-11.3% July 2016 141 141 0.0% August 2016 131 156-16.0% September 2016 132 137-3.6% October 2016 145 137 +5.8% November 2016 155 146 +6.2% December 2016 153 131 +16.8% January 2017 160 154 +3.9% February 2017 168 148 +13.5% March 2017 154 146 +5.5% 2017 143 143 0.0% 12-Month Avg* 144 145-0.7% * Average Days on Market of all properties from May 2016 through 2017. This is not the average of the individual figures above. 180 170 160 150 140 130 Current as of May 10, 2017. Data is Copyright 2017 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS and South Carolina REALTORS. Report 2017 ShowingTime. 6
Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. $305,000 $289,500 $289,745 $294,950 $277,450 $260,000 Historical Median Sales Price by Month + 5.8% + 4.3% + 5.4% - 0.9% + 11.4% + 1.8% Median Sales Price Prior Year May 2016 $296,250 $278,415 +6.4% June 2016 $296,250 $290,000 +2.2% July 2016 $284,500 $275,000 +3.5% August 2016 $295,000 $284,000 +3.9% September 2016 $290,000 $284,350 +2.0% October 2016 $302,750 $284,968 +6.2% November 2016 $290,500 $277,233 +4.8% December 2016 $299,450 $300,875-0.5% January 2017 $297,500 $300,650-1.0% February 2017 $282,510 $290,000-2.6% March 2017 $295,000 $273,500 +7.9% 2017 $305,000 $289,500 +5.4% 12-Month Med* $294,900 $285,000 +3.5% * Median Sales Price of all properties from May 2016 through 2017. This is not the median of the individual figures above. $320,000 $300,000 $280,000 $260,000 $240,000 $220,000 Current as of May 10, 2017. Data is Copyright 2017 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS and South Carolina REALTORS. Report 2017 ShowingTime. 7
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $404,742 $379,902 $392,387 $386,443 $376,961 $352,916 Historical Average Sales Price by Month + 11.9% + 6.5% - 3.1% + 3.9% + 9.5% -2.5% Avg. Sales Price Prior Year May 2016 $368,739 $363,302 +1.5% June 2016 $380,466 $343,818 +10.7% July 2016 $354,427 $340,330 +4.1% August 2016 $369,981 $360,701 +2.6% September 2016 $362,968 $346,139 +4.9% October 2016 $378,471 $347,964 +8.8% November 2016 $381,318 $343,607 +11.0% December 2016 $382,475 $365,266 +4.7% January 2017 $373,464 $379,216-1.5% February 2017 $348,592 $403,821-13.7% March 2017 $384,786 $359,828 +6.9% 2017 $392,387 $404,742-3.1% 12-Month Avg* $373,173 $363,228 +2.7% * Avg. Sales Price of all properties from May 2016 through 2017. This is not the average of the individual figures above. $420,000 $400,000 $380,000 $360,000 $340,000 $320,000 Current as of May 10, 2017. Data is Copyright 2017 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS and South Carolina REALTORS. Report 2017 ShowingTime. 8
Percent of List Price Received Percentage found when dividing a property s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. 95.1% 96.1% 96.4% 95.3% 95.7% 95.9% Historical Percent of List Price Received by Month - 0.1% + 1.1% + 0.3% + 0.1% + 0.4% + 0.2% Pct. of List Price Received Prior Year May 2016 95.4% 95.8% -0.4% June 2016 95.7% 95.9% -0.2% July 2016 96.1% 96.0% +0.1% August 2016 96.1% 95.5% +0.6% September 2016 95.7% 96.1% -0.4% October 2016 96.2% 95.9% +0.3% November 2016 95.5% 96.1% -0.6% December 2016 96.2% 95.9% +0.3% January 2017 95.4% 94.9% +0.5% February 2017 95.9% 95.6% +0.3% March 2017 95.8% 95.9% -0.1% 2017 96.4% 96.1% +0.3% 12-Month Avg* 95.9% 95.8% +0.1% * Average Pct. of List Price Received for all properties from May 2016 through 2017. This is not the average of the individual figures above. 97.0% 96.5% 96.0% 95.5% 95.0% 94.5% 94.0% Current as of May 10, 2017. Data is Copyright 2017 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS and South Carolina REALTORS. Report 2017 ShowingTime. 9
Housing Affordability Index This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. 90 87 78 96 87 80 + 1.1% - 3.3% - 10.3% + 7.9% - 9.4% -8.0% Affordability Index Prior Year May 2016 85 90-5.6% June 2016 86 85 +1.2% July 2016 90 88 +2.3% August 2016 87 86 +1.2% September 2016 88 87 +1.1% October 2016 85 87-2.3% November 2016 84 88-4.5% December 2016 79 82-3.7% January 2017 80 81-1.2% February 2017 84 87-3.4% March 2017 80 91-12.1% 2017 78 87-10.3% 12-Month Avg 84 87-3.2% Historical Housing Affordability Index by Month 110 100 90 80 70 Current as of May 10, 2017. Data is Copyright 2017 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS and South Carolina REALTORS. Report 2017 ShowingTime. 10
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 2,488 2,519 2,338-7.7% -7.2% -7.7% + 1.2% Historical Inventory of Homes for Sale by Month -7.2% Homes for Sale Prior Year May 2016 2,507 2,489 +0.7% June 2016 2,515 2,395 +5.0% July 2016 2,518 2,268 +11.0% August 2016 2,470 2,263 +9.1% September 2016 2,484 2,332 +6.5% October 2016 2,362 2,365-0.1% November 2016 2,279 2,302-1.0% December 2016 2,188 2,180 +0.4% January 2017 2,196 2,255-2.6% February 2017 2,238 2,347-4.6% March 2017 2,351 2,472-4.9% 2017 2,338 2,519-7.2% 12-Month Avg* 2,371 2,496-5.0% * Homes for Sale for all properties from May 2016 through 2017. This is not the average of the individual figures above. 2,600 2,500 2,400 2,300 2,200 2,100 01-2015 01-2016 01-2017 Current as of May 10, 2017. Data is Copyright 2017 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS and South Carolina REALTORS. Report 2017 ShowingTime. 11
Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months. 8.1 7.0 6.3-79.0% - 13.6% - 10.0% Historical Months Supply of Inventory by Month Months Supply Prior Year May 2016 6.9 8.0-13.8% June 2016 7.0 7.4-5.4% July 2016 7.1 6.8 +4.4% August 2016 6.9 6.7 +3.0% September 2016 6.9 6.8 +1.5% October 2016 6.6 6.9-4.3% November 2016 6.4 6.6-3.0% December 2016 6.3 6.2 +1.6% January 2017 6.2 6.5-4.6% February 2017 6.2 6.7-7.5% March 2017 6.4 7.0-8.6% 2017 6.3 7.0-10.0% 12-Month Avg* 6.6 6.9-4.3% * Months Supply for all properties from May 2016 through 2017. This is not the average of the individual figures above. 50.0 40.0 30.0 20.0 10.0 0.0 Current as of May 10, 2017. Data is Copyright 2017 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS and South Carolina REALTORS. Report 2017 ShowingTime. 12